The United States and China must seize the "great opportunity" of cooperation to solve the common challenges facing the world today, said U.S. Commerce Secretary Gary Locke on Thursday.

"We can be certain that it will be a better future if the Chinese and American governments pursue cooperation over confrontation in the economic sphere," Locke said at a luncheon hosted by the U.S.-China Business Council in Washington.

The commerce secretary said he witnessed the explosive growth that has taken place in China during the past two decades. He is also optimistic about China's growth in the future.

"The United States welcomes this growth, because it's good for the people of China, it's good for the global economy, and it's important for U.S. companies," he said.

He noted that China's growth provides opportunity for the U.S. companies which offer world-class products and services. Those products and services can improve the quality of life for the Chinese, while providing jobs for American workers back home.

According to the U.S. Commerce Department, China is one of the top destinations for American exports, behind only Canada and Mexico. And the United States is the number one national market for Chinese exports.

Locke said that since China formally joined the WTO in 2001, it has made important progress in opening its market.

"Tariffs have come down, private property rights are steadily evolving and great strides have been made to free the flow of commerce across China's borders," Locke said. "The competitive playing field in China is fairer to foreign firms than it was a decade ago."

He also outlined certain U.S. concerns, including intellectual property protection and market access issues.

Locke expressed hope for a cooperative economic relationship with China, one that fosters long-term economic growth in both countries.

He said that the U.S.-China economic partnership is at "a turning point," which provides the opportunity for the two countries to create a new foundation for sustainable growth for years to come.

He added that cooperation "will develop technologies to solve the most pressing environmental, economic and social challenges facing the world today."

"This is great opportunity before China and the United States. We just have to seize it," he concluded.

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